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(a) What is the transition probability matrix? (b) What are the long-run proportions, n;? (c) What are the periods of these states?

(a) What is the transition probability matrix? (b) What are the long-run proportions, n;? (c) What are the periods of these states?

MATLAB: An Introduction with Applications
MATLAB: An Introduction with Applications
6th Edition
ISBN:9781119256830
Author:Amos Gilat
Publisher:Amos Gilat
Chapter1: Starting With Matlab
Section: Chapter Questions
Problem 1P
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Suppose that the following (s, S) inventory replenishment policy is used: Inventory begins at S. At each time period, either d, or d, units are depleted from inventory, with probabilitiesp and 1- p, respectively. Continue until the inventory reaches s or less, at which time the inventory is immediately replenished to level S. If S = 12, s = 5, dį = 5, d2 = 6, p = 0.4 %3D (a) What is the transition probability matrix? (b) What are the long-run proportions, n;? (c) What are the periods of these states?
Transcribed Image Text:Suppose that the following (s, S) inventory replenishment policy is used: Inventory begins at S. At each time period, either d, or d, units are depleted from inventory, with probabilitiesp and 1- p, respectively. Continue until the inventory reaches s or less, at which time the inventory is immediately replenished to level S. If S = 12, s = 5, dį = 5, d2 = 6, p = 0.4 %3D (a) What is the transition probability matrix? (b) What are the long-run proportions, n;? (c) What are the periods of these states?
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